Page:United States Statutes at Large Volume 92 Part 1.djvu/143

 PUBLIC LAW 95-238—FEB. 25, 1978

92 STAT. 89

continue to pursue the purposes of such project; and the probable net benefit to the Federal Government in paying such principal and interest will be greater than that which would result in the event of a default; "(2) the amount of such payment which the Administrator is authorized to pay shall be no greater than the amount of principal and interest which the borrower is obligated to pay under the loan agreement; and "(3) the borrower agrees to reimburse the Administrator for Reimbursement. such payment on terms and conditions, including interest, which are satisfactory to the Administrator.". SEC. 511. Section 204 of the Act is amended by redesignating subsec- Notes or tion (c) as subsection (d) and inserting after subsection (b) the fol- obligations, issuance to lowing new subsection (c): "(c) If at any time the moneys available in the fund are insufficient Treasury.1144. 30 USC to enable the Administrator to discharge his responsibilities under this title, he shall issue to the Secretary of the Treasury notes or other obligations in such forms and denominations bearing such maturities, and subject to such terms and conditions, as may be prescribed by the Secretary of the Treasury. This borrowing authority shall be effective only to such extent or in such amounts as are specified in appropriation Acts. Such authorizations may be without fiscal year limitations. Redemption of such notes or obligations shall be made by the Admin- Redemption. istrator from appropriations or other moneys available under this section. Such notes or other obligations shall bear interest at a rate Interest rate. determined by the Secretary of the Treasury, which shall not be less than a rate determined by taking into consideration the average market yield on outstanding marketable obligations of the United States of comparable maturities during the month preceding the issuance of the notes or other obligations. The Secretary of the Treasury shall purchase any notes or other obligations issued hereunder and for that purpose he is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be 31 USC 774. issued under that Act are extended to include any purchase of such notes or obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this Sale. subsection. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States.". SEC. 512. Title II of the Act is further amended by adding at the end thereof the following: new section: " COMMUNITY IMPACT ASSISTANCE

"SEC. 205. (a) The Administrator, for any project which has a 30 USC 1145. guarantee under this title of not less than $50,000,000 and which will have an intended operating life of not less than five years to satisfy the purposes under this title for which the guarantee'has been made, shall endeavor to insure that, taking into consideration appropriate local community action and all reasonably available forms of assistance under this section and other Federal"and State statutes, that the impacts resulting from the proposed project have been fully evaluated by the borrower, the Administrator, and the Governor of the affected State, and that effective steps have been taken or will be taken in a •. timely manner to finance community planning and development costs resulting from such project under this section, if applicable under

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